April 2, 2013
It's Sundown In America!
David Stockman, Ex-Reagan Budget
Director: George W. Bush's Policies
Bankrupt The Country
Reagan economic advisor David Stockman writes that the Keynesian State-which is corrupting and wrecking capitalism-is leading us into inevitable catastrophe under Barack Obama and Fed Chief Bernanke .
THE HUFFPO HEADLINE IS MISLEADING
David Stockman in his alarmingly impassioned NY Times doomsday piece (see) rightly declares the death of the Liberal-Keynesian-Tax and Spend-Entitlement-Crony Capitalist-Debt Driven-Redistribution State which is Grecifying our country and must be stopped before it's too late. Slamming Obama and Bernanke as much as George Bush Stockman warns that their reckless fiscal and monetary policies are continuing the wrecking and corruption of capitalism and building up an horrific bubble more devastatingly ruinous than the Clinton-Fannie-Greenspan-Wall Street housing crash that happened under Bush. Stockman urges that we return to the pro-growth, supply-side, strong dollar, limited government, balanced budget, entrepreneurial capitalism of the Coolidge era-the sound fiscal and economic policies of slashing taxes, spending and federal regulations that turned the Wilson Depression into the Roaring, Soaring, Prospering Twenties. If Stockman's frightful predictions are correct Obama will go down in history as the luckless winner of the 2012 election and Romney as the lucky loser.
What I wrote above and below were posted on HuffPo.
OBAMA IS BANKRUPTER IN CHIEF II, INSANITY ON STEROIDS, MEGA TIMES WORSE THAN GEORGE BUSH
in that he's governed by the disproven theory (that's collapsing bankrupt, broken socialist Europe) that government can replace the private sector as the engine of economic growth and tax, spend, borrow and redistribute its way to prosperity and social justice perfection.
COMMENTS AND REPLIES ON HUFFPO
kbrown2225 writes
Speculation thus fueled further rises and created an economic bubble. Because of margin buying, investors stood to lose large sums of money if the market turned down—or even failed to advance quickly enough.
None of this had ANYTHING to do with Hoover's tariff, tax, or spending policies. Where do you get your historical information, fox news?
My reply:
Wrong again. It was more than the bursting of the speculative bubble that caused the crash-recession of 1929 (what did that have to do with Coolidge's low tax, limited gov't policies?). The Fed contraction of the money supply causing a credit crunch was a bigger factor. When Hoover signed Smoot Hawley into law devastating the export market the economy was still in a recession. In 1932 when he signed a massive tax hike on the rich into law it worsened the depression and made it great-the following year the UE rate hit 25% the highest in our history. The new Fed chief under FDR reversed his predecessors policy and the economy started to improve-until FDR like his stupid predecessor began to massively raise taxes-personal, corporate, excise, etc., causing the market-economic crash of 1937-38 FDR's "Recession Within The Depression."
kbrown2225 replies:
Sure, live in your fantasy world where high taxes and tariffs caused the Great Depression. Sounds like something you learned at Glen Beck Universtiy.
My reply:
If the Fed had eased up on its deflationary monetary policy it likely would have kept the economy in a recession even with Hoover's export killing tariffs. But it foolishly stayed the course; then came Smoot-Hawley and the US export market dropped by a whopping 60% surging the UE rate to depression levels.
Apollo
Are you still living in denial?! LOL
My reply:
What am I in denial about that Stockman isn't?
Typing in caps doesn't help push an argument , especially one that is erroneous from the beginning..............
My reply:
Did you even bother to read Stockman's article where he tears apart the failed Obama stimulus and declares the DEATH OF THE KEYNESIAN STATE? I use CAPS because I'm a CAPITALIST.
Yet he still doesn't accuse Obama of spending money that he didn't , unlike you did , genius..................Get a clue.............
My reply:
The clueless one is in the White House thinking he's a mastermind with all the answers. Stockman's critque is against the Keynesian State which started with Hoover and FDR and is being ruinously perpetuated by Obama-Bernanke.
My reply
What Stockman says in the article is that Reagan and Bush perpetuated the Keynesian State and did nothing to reverse it-nor is Obama reversing it as he is a blind, foolish committed Keynesian (which Reagan and Bush weren't). BTW what you call "trickle down economics (supply-side)" started with Harding/Coolidge who Stockman holds up as a model of economic sanity..
So, you don't think the stimulus worked?
My reply
With 24 million Americans still unemployed and underemployed and near zero GDP growth with falling wages and rising prices and the country engulfed in gloom, absolutely not. Just another failed Keynesian experiment and Stockman agrees with me.
only1Demvoter finds " ApolloSpeaks " inconsequential...
Maybe if you yell your Revisionist Fallacy LOUD ENOUGH , in another dimension, it'll be some kind of Alternate Reality for you ( et.al. )
... Here on Earth, we Progressives deal in Facts.
-ralph
My reply:
I'm YELLING along with Stockman who in this splendid piece of impassioned analysis declares the death of the Liberal-Keynesian-Tax and Spend-Entitlement State.
You mean " You WISH with Stockman ", Apollo... As I stated earlier, yelling a fallacy, don't make it ANY truer.
-ralph
My reply:
What is revisonist or fallacious about citing the failure of Keyensianism as Stockman does? Can you prove him wrong by giving me one example where Keynes' theory of stimulating demand actually worked in turning around a distressed economy into a rip roaring, butt kicking prospering recovery? Just one tiny example. That shouldn't be too hard.
No answer because there is no example.
READ the article, or you can't handle the truth.....
My reply:
I read it twice and will read it again. What did I miss?
Marcel2010 replies:
If you read it twice then what is your point? U fully understand where our economic problems began, with Reagan, and resulted in Bush economic collapse..very good
My reply:
The point is if you had carefully and thoughtfully read the article you'd know that Stockman said our economic woes are rooted in the failed Keynesian State which rose in the 1930s during the Hoover-FDR big government tax and spend depression era.
when you finish your tirade, try a bit of reality. duh.
My reply
My tirade is peanuts compared to Stockman's ferocius assault on Obamanomics and Bernanke's QE to insanity.
You cons can't see the forest for the trees...you are why this happened...hope you are proud of your bankrupting my country.
My reply
Does Stockman see the forest for the trees? If the answer is yes then know that I more or less see eye to eye with him.
You really need to go back to your high school and demand that they properly educate you! Because clearly, you don't know anything about socialism or Europe.
My reply
Should Stockman go back to school as well? He agrees with me about the collapse of the European-social-entitlement state which is unraveling before our eyes-but invisible to the ideological blind.
mick719 writes
here's a nickel, Apollo.
My reply
Stockman's distressingly pessimistic analysis of the economic policies of the current and past administrations point to the coming of Brother-Can-You-Spare-A-Dimeville.
LOLOLHAHAHAHAHA
You're a funny dude Apollo.
My reply
Yo Kemo, let me in on the fun so I can laugh too. After reading Stockman's article I'm enveloped in gloom.
That lie about Obama denying the value of the private sector in growing the economy has really gotten old. But you're still buying it and spreading it. Pathetic.
My reply:
Not so old or untrue that Stockman doesn't agree with me about Obama's failed, ruinous, pathetic trickle growth borrow and spend Keynesian welfare state policies.
It's amusing when you simpletons vomit up slogans and pretend they equal an ideology or analysis.
My reply:
Is Stockman's analysis of Obama-Bernanke's failed ruinous bankrupting policies the words of a puking simpleton?
No answer.
GOP instituted programs make up over 75% of the current deficit ----try again
My reply:
And what's Obama's answer? TAX BABY TAX, SPEND BABY SPEND, DOUBLE DOWN ON BORROWING and make our bankruptcy twice as painful-which Stockman correctly warns is the absolutely wrong way to go and is the reason for Obama's failed near zero growth recovery.
I see. By the way, have you ever thought of using FACTS to make your point? I didn't think so.
My reply
What I said reflects the content of Stockman's article on Obamanomics.
Really...isn't most of the problem in Europe caused by austerity? Do you not remember the fiasco Bush left for us after 8 years? and Bush entered office with a surplus. Did that just miraculously disappear in anticipation of President Obama? AND public sector jobs have shrunk since 2008,so what private sector jobs are now being done by government? I would not rely on Fox or drudge for any accurate information.
My reply:
It was runaway spending and debt that caused the problems in Europe that austerity is trying to fix. My post reflects Stockman's analysis of Obama-Bernanke's ruinous fiscal and monetary policies. Stockman is merciless with everyone and rightly recommends a return to the low tax limited government policies of Coolidge who left Hoover with a huge surplus that he turned into a huge deficit like Bush did (but for different reasons). Hoover (like Obama and FDR after him) tried and failed to tax and spend his way out of the Depression. Didn't work then. Isn't working now. As Stockman said: THE KEYNESIAN STATE IS DEAD!